21 Apr '11, 8pm

Oil prices push higher ahead of holiday weekend

NEW YORK: Oil prices extended their gains on Thursday, lifted by a weaker dollar and unrest in the Arab world ahead of a three-day Easter holiday weekend amid heightened fears of surging fuel prices. New York's main contract, light sweet crude for delivery in June, gained 84 cents to close at $112.29 a barrel. In London, Brent North Sea crude for June delivery settled at $123.99 dollars a barrel, a gain of 14 cents from Wednesday's closing level. The modest price rises extended Wednesday's powerful rally and came as traders prepared for closed financial markets Friday on both sides of the Atlantic. "The market is still very concerned about the value of the dollar," said Phil Flynn of PFG Best Research. Dollar-priced commodities such as oil typically become more attractive investments when the US unit weakens. "The overriding theme for energy this week has really been the r...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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